Bu330 accounting for managers set-1


Question- 1

Lots of Stuff Company reports the following data for its first year of operation.


Work in process inventory,   beginning



Work in process inventory, ending



Direct materials used



Direct Labor



Manufacturing overhead



Finished goods inventory,   beginning



Finished goods inventory, ending


What are the total manufacturing costs?

A. $455,000 

B. $410,000 

C. $750,000 

D. $520,000

Question- 2

Porches, Inc., sells lawn furniture. Selected financial information for the most recent year follows.

Beginning merchandise inventory on January 1 was $33,000.
Ending merchandise inventory on December 31 was $35,000.
Purchases during the year were $92,000.
Selling and administrative expenses were $75,000.
Sales for year were $262,000.

What was the value of goods available for sale?


A. $125,000 

B. $127,000 

C. $170,000 

D. $ 90,000

Question- 3

Which of the following costs could be found in work in process inventory for a candy bar manufacturer?


A. Assembly worker wages 

B. Utilities for administrative offices 

C. Depreciation on sales office 

D. Customer order forms

Question- 4

__________ gathers, summarizes, and reports on the financial impact of changes to business operations.


A. Managerial accounting 

B. Planning 

C. Directing 

D. Controlling

Question- 5

Evaluating results against the plan is an example of which of the following management functions?


A. Planning 

B. Controlling 

C. Analyzing 

D. Directing

Question- 6

Which of the following is NOT an example of an indirect cost incurred in manufacturing automobiles?


A. Plant supervisor salary 

B. Machinery depreciation in the factory 

C. Plant utilities 

D. Cost of the automobile engines

Question- 7

Which of the following people is most likely to use only financial accounting information?


A. Vice president of plant operations 

B. Product manager 

C. Plant manager 

D. Bank loan officer

Question- 8

Winner’s Sporting Equipment manufactures sporting goods. Selected costs from the past year include the following. 


Plastics used to make products



Heating and lighting costs for   factory



Factory janitor wages



Costs of shipping to customers



Lubricants used in factory   equipment



Lighting costs for sales office



Depreciation on factory equipment



Office supplies for sales office



Insurance costs for factory



Maintenance worker wages



Freight-in (on plastics)



Aluminum used to make products



Assembly-line worker wages



Salaries of salespeople


 Period costs for Winner’s Sporting Equipment totaled:


A. $91,000. 

B. $37,000. 

C. $188,000. 

D. $111,000.

Question- 9

The IMA issues which of the following certifications?






Question- 10

Indirect materials, indirect labor, and indirect manufacturing costs are what type of manufacturing cost?


A. Direct labor 

B. Direct materials 

C. Manufacturing overhead 

D. Prime costs

Question- 11

A wave of accounting scandals around the turn of the 21st century prompted which of the following?






Question- 12

Internal parties receive information about past performance from:


A. audit reports. 

B. budget reports. 

C. planning reports. 

D. managerial accounting reports.

Question- 13

Which of the following types of companies has raw materials, work in process, and finished goods inventory?


A. Retailers 

B. Manufacturers 

C. Wholesalers 

D. Service companies

Question- 14

Refusing gifts or favors that could be perceived to influence your actions is an example of which ethical standard?


A. Credibility 

B. Integrity 

C. Confidentiality 

D. Competence

Question- 15

The costs associated with reengineering machinery and its location within the factory to increase efficiency would be considered which part of the value chain?


A. Customer service 

B. Marketing 

C. Research and development 

D. Design

Question- 16

Costs that remain the same among alternatives are:


A. sunk costs. 

B. irrelevant costs. 

C. controllable costs. 

D. uncontrollable costs.

Question- 17

The person who is directly responsible for all financial functions is the:


A. Treasurer. 

B. CEO. 

C. CFO. 


Question- 18

________ is the business philosophy and a strategy of manufacturing without waste.


A. ISO 9001 

B. Lean thinking 


D. Thin manufacturing

Question- 19

Communicating information fairly and objectively is an example of which ethical standard?


A. Credibility 

B. Integrity 

C. Competence 

D. Confidentiality

Question- 20

Which of the following describes the way in which total fixed costs behave?


A. They will decrease as production increases. 

B. They will decrease as production decreases. 

C. They will remain the same throughout production levels within the relevant range. 

D. They will increase as production decreases.

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